June 18, 2024

As the market waits for the US CBI index, gold closes slightly higher

2 min read
Gold closes high, cautiously following data from China and the US

This Tuesday, the 7th, the highly liquid deal of gold closed slightly higher, in which the metal recovered part of its recent losses, but according to reports of the epidemic, it is still struggling to consolidate amid a limited search for safe havens. Analysts are waiting for the release of the US Consumer Price Index (CPI) on November 10 to better assess what the market directions should be.

At Comex, the metal section of the New York Mercantile Exchange (Nymex) rose 0.29% to $ 1,784.70 per troy ounce, with a scheduled delivery in February.

“Early data suggest that cases of the Omigron variant of the corona virus are mild in nature, and the price of gold is struggling with the need for safe havens,” said Edward Moya, a researcher at Onda.

In addition, Commerzbank notes that the sharp fall over the weekend caused by bitcoin, which some market participants consider an alternative to gold, has not brought any stimulus to the price of the metal this week.

“As gold faces its real test later this week, the report on high consumer inflation could seal the deal for a faster and more aggressive reduction in the stimulus by the Federal Reserve (Federal),” Moya points out.

The analyst expects the metal to consolidate between the $ 1,7500 and $ 1,800 trading range per troy ounce. In Commerzbank’s view, the market does not currently have support from financial investors, and it is difficult for gold to return to $ 1,800.

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